Charter Pacific Corporation Limited (CHF) sells its holding in ChemGenex Pharmaceuticals Limited (CXS) for $17.4 million
February 8, 2007
Charter Pacific today sold its holding of 28.1 million shares in ChemGenex Pharmaceuticals Limited for $17.4 million at a price of $0.62 per share through an on-market transaction. This sale will deliver an unaudited pre-tax profit of approximately $4.540 million for Charter Pacific. Charter Pacific continues to retain 3.7 million options in ChemGenex Pharmaceuticals.
Charter Pacific appointed ChemGenex directors, Kevin Dart and Roger Byrne, have subsequently resigned as directors from the ChemGenex Pharmaceutical board.
ABN AMRO Morgans represented Charter Pacific in this transaction.
Following the transaction, Charter Pacific has an unaudited NTA of $0.75 per share comprising $0.40 per share in cash and $0.35 per share in other assets.
Charter Pacific will now focus on its recently launched funds management business and corporate advisory house.
About Charter Pacific:
Charter Pacific Corporation is a diversified investment company that listed on the Australian Stock Exchange in 1989. Today the company invests in a diverse range of listed and unlisted entities across a broad range of industries. Its current investments include:
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Charter Pacific Capital Limited;
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Charter Pacific Funds Management Limited;
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UK based Opus Media;
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US based investment bank Global Markets Capital Group;
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Monteray Group (ASX: MRY) superannuation administration platform provider; and
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OEM NuTech.